LeticiaWilliams

The board's decision Saturday to fire Lillie, who had been with the company since 1993, was based on significant losses the television-and Web-based retailer has suffered.

In a statement, Chairman J.D. Clinton said that Lillie's "hard work, tenacity and vision" led the company from $20 million to $200 million in revenue. But operating losses in recent years prompted a search for new leadership, according to the statement.

Shop At Home
SATH
went from posting a $1.5 million profit in 1998 to recording $13.5 million in net losses for fiscal 2000.

Clinton, who serves as chief executive of Independent Southern Bancshares, has agreed to create and head an interim Office of the Chairman until the position is filled.

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